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Saudi Arabia to print 
$4b sukuk

(Reuters) / 17 January 2012

RIYADH - Saudi Arabia’s General Authority for Civil Aviation (GACA) is set to print a 15 billion riyals ($4 billion) ten-year sukuk, its debut Islamic bond offering, a source familiar with the matter told Reuters on Monday.

The transaction will carry a profit rate of 2.5 per cent, the source added, who spoke on condition of anonymity. Investor meetings ahead of the sukuk sale began on January 10, a statement carried by the Saudi Press Agency said at the time.

The sukuk is fully guaranteed by the Saudi Ministry of Finance and will be the first in a series of Islamic bonds from the authority to help fund the 27.1 billion riyals development of King Abdulaziz International Airport in Jeddah.

 
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